Tax and Accounting Updates

Tax savings under Optional Standard Deduction (OSD)

For taxpayers engaged in trade, business, or practice of profession, optional standard deduction (OSD) is a good are to look at for tax savings.  Under Section 34(L) of the Tax Code, as amended by Republic Act No. 9504 dated June 17, 2008, and hereunder quoted: “Section 34(L) Optional Standard Deduction. – In lieu of the

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Tax-exempt COLA increased by P30

Good news for NCR workers! Under the Department of Labor & Employment (DOLE)- NCR’s Wage Order No. 17, minimum wage is increase by P30 cost of living allowance (COLA) as follows: First tranche – P20 per day upon the effectivity of Wage Order No. 17; and Second tranche – P10 per day effective on November

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Views on Real Estate Mortgage for Microlending

A friend in the micro-lending industry once asked – “Is Real Estate Mortgage worth to look into for microlending?“ Let me share with you our view on the circumstances and benefits of Real Estate Mortgage (REM). REM is an accessory contract in the form of a collateral security for the  availment of the credit facility.

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Tax-exempt uniform allowance increased

The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 8-2012 – “Further amends Revenue Regulations 2-98 and 3-98, as last amended by Revenue Regulations 5-2008 and 5-2011, with Respect to de minimis benefits” or “RR No. 8-12“. Under RR 8-12, uniform allowance of P4,000 a year had been increased to P5,000 a year

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BMBE Law eyed for amendments

The Barangay Micro Business Enterprise (BMBE) Law or Republic Act No. 9178 was enacted sometime in 2002 to encourage the growth and formation of barangay based micro-enterprises. This has long been effective, but based on our observations, only few enterprises registered and availed of the same. Under the Department Order No. 17-04 of the Department

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PHILSME EXPO 2012 – May 11-13, 2012

Tax and Accounting Center, Inc. (TACI) in coordination with GPP & Co, CPAs (GPPCOCPAs)participated in the duly concluded PHILSME Expo 2012 organized by Tradecon along with its various exhibitors. The 3-day event from May 11-13, 2012 at PICC Forum, CCP Complex, Pasay City had been said to gather some 8,000 participants and visitors from around

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Lawyer & CPA sued under BIR RATE

The Bureau of Internal Revenue’s Run After Tax Evaders (RATE) program, headed by Com. Kim Jacinto-Henares again exercised its shrewdness as they file a case last mid-April 2012 against Atty. L, under Sec. 254 or the Attempt to Evade or Defeat Tax and Sec. 255 which is the Failure to File Return, Supply Correct and

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